SM Hotels invests P1.5 billion for Park Inn Sta. Rosa

SM Hotels and Conventions Corp. (SMHCC) on Tuesday said it will invest some P1.5 billion for its Park Inn by Radisson in Sta. Rosa, Laguna, which the company targets to open by 2029 in line with its efforts to expand its regional portfolio.

In a regulatory filing, SM Prime Holdings (SMPH)—the parent company of SMHCC—said The Park Inn by Radisson Sta. Rosa will have 201 hotel rooms, along with dining outlets, recreational facilities such as a pool and a gym, and dedicated spaces for meetings and events, as designed by H1 Architecture.

It will have a direct link to a premier SM mall in the area, and will be connected via bridgeway to the upcoming SMX Sta. Rosa Trade Hall, which will have 4,000 square meters of space.

“With the City of Sta. Rosa’s growth as a business and industrial hub, demand for accommodation from business and leisure travelers continues to rise. The new hotel will meet this need, generate local jobs and boost the city’s economic activity,” SMHCC executive vice president Peggy Angeles said in an emailed statement.

SM Prime posted an all-time high net income of P24.5 billion in the first half of the year, as strong consumption and the recovery in retail and tourism drove revenues up by 5%.

The company is set to spend P100 billion this year, with the largest share going to integrated property developments under its residential business and mall operations. — Jon Viktor D. Cabuenas/BM, GMA Integrated News